Crypto
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PLC Ultima, the new cryptocurrency that overtook bitcoin: Is it worth investing now, or is it too late?
In 2021, Bitcoin rose to its highest-ever price level, doing so amid a mega bull rally for the cryptocurrency market. The same year, a new coin hit the market and literally went on to overtake bitcoin. PLC Ultima (PLCU) is that cryptocurrency. It was launched at the end of December 2021, with PLCU’s value rising from $0.10 to $100,000 within six months. The coin’s value soared to highs of $116,000. Today, the price of PLCU is almost double that of Bitcoin. Now the big question: Is it still possible to earn on PLCU? Briefly below, we highlight some of the growth factors behind this project’s meteoric market performance. Infrastructure as a critical driver of cryptocurrency growth: how Alex Reinhardt created PLCU Coin Who created PLC Ultima? The creator of PLC Ultima is Alex Reinhardt, a ser...
Ethereum falls below $2,000 as top altcoins see mild mid-week losses
Ethereum has given up Tuesday’s gains after failing to sustain the grip on $2,000 Solana, Polygon, and Cardano native tokens are also trading in the red The cryptocurrency market appeared to have calmed on Tuesday following two weeks of heavy losses, but the latest winds have reversed the crypto market course again. Ethereum started the week trading marginally above $2,000, and even though it slipped below this mark during Monday’s trading session, the premier alt quickly recovered. Ether’s resilience is seemingly once again being tested in the face of a mild slump in the market on Wednesday. Other altcoins like Avalanche (AVAX) and Polygon (MATIC) have also pulled back during this period – some, markedly, by more significant margins than Ether. Ethereum price has suffered yet ...
Coinbase introduces Web3 functionality with hot wallet and dApp browser
Select Coinbase users will access Ethereum dApps and NFTs via the Coinbase app The crypto exchange has also temporarily moved away from plans to triple staff following a $420 million Q1 loss Crypto exchange and trading platform Coinbase has announced the introduction of Web3 functionality. A small number of users will be allowed to access products on the Ethereum ecosystem, including decentralised applications such as SushiSwap and non-fungible tokens on marketplaces such as OpenSea and the newly launched Coinbase NFT. According to the official announcement published on Monday, the introduction of Web3 will allow users to explore a new set of opportunities right from the Coinbase app with the new dApp wallet and browser. The capabilities are managed by multi-party computation (MPC) technol...
Early polling from Terra vote indicates 91% are in favor of ‘rebirth’
Terraform Labs CEO Do Kwon’s plan to create a new blockchain “without the algorithmic stablecoin” TerraUSD (UST) has the support of 85 million community votes. In a proposal opened to the Terra (LUNA) community on Wednesday, more than 91% of votes at the time of publication were in favor of “rebirthing” the Terra network — roughly 85 million out of 93 million, with up to 284 million votes yet to be cast. The proposal needs roughly 188 million votes in favor to pass before the window closes on May 25. At the time of publication, the biggest validator to come out in support of the proposal is Terra infrastructure provider Orbital Command, holding 1.39% of the voting power. Major validators with more than 2% of voting power have not yet made a decision, including cross-chain stablecoin bank O...
Price analysis 5/18: BTC, ETH, BNB, XRP, ADA, SOL, DOGE, DOT, AVAX, SHIB
On May 17, United States Federal Reserve Chairman Jerome Powell told the Wall Street Journal that the 50-basis-point rate hikes would continue until inflation is under control. Powell’s emphasis on a hawkish policy suggests that monetary conditions are likely to remain tight in 2022, which could limit the upside in risky assets. On-chain market intelligence firm Glassnode said that historically, Bitcoin (BTC) has bottomed out when the price breaks below the realized price. However, barring the 2019 to 2020 bear market, during previous bear cycles, Bitcoin’s price stayed below the realized price for anywhere between 114 to 299 days. This suggests that if macro situations are not favorable, a quick recovery is unlikely. Daily cryptocurrency market performance. Source: Coin360 While the curre...
Meta trademark filing hints at plans for crypto payments platform
Social media giant Facebook’s parent company, Meta, may be planning to launch a payments platform with support for cryptocurrency. According to records submitted to the United States Patent and Trademark Office, or USPTO, on May 13, Meta filed five applications for its namesake to be used in a platform called Meta Pay. The filings included Meta’s name for use in a “online social networking service for investors allowing financial trades and exchange of digital currency, virtual currency, cryptocurrency, digital and blockchain assets, digitized assets, digital tokens, crypto tokens and utility tokens.” Meta Platforms Inc. (i.e. Facebook) has filed 5 new trademark applications for: “META PAY” The filings indicate that @Meta plans to launch a payment platform called &#...
Was Terra’s UST cataclysm the canary in the algorithmic stablecoin coal mine?
The past week has not been an easy one. After the collapse of the third-largest stablecoin (UST) and what used to be the second-largest blockchain after Ethereum (Terra), the depeg contagion seems to be spreading wider. While UST has completely depegged from the U.S. dollar, trading at sub $0.1 at the time of writing, other stablecoins also experienced a short period where they also lost their dollar peg due to the market-wide panic. Tether’s USDT stablecoin saw a brief devaluation from $1 to $0.95 at the lowest point in May. 12. USDT/USD last week from May. 8–14th. Source: CoinMarketCap FRAX and FEI had a similar drop to $0.97 in May. 12; while Abracadabra Money’s MIM and Liquity’s LUSD dropped to $0.98. FRAX, MIM, FEI and LUSD price from May. 9 – 15th. Source: CoinMarketCap A...
Sneakmart brings Metakicks sneaker NFTs to the Metaverse
French startup Sneakmart is bringing its Metakicks sneaker NFTs to the Metaverse in 2022. These NFTs will allow users to unlock various benefits in the digital world and customize their virtual avatars, CoinText learned from a press release. A vision for the Metaverse The company’s vision for the Metaverse is to tokenize real-world sneakers on the blockchain. Users can flaunt their kicks in a growing online ecosystem. What’s more, sneakers are becoming more and more popular as collectibles, confirming their universal appeal. Highly compatible with NFT tech Sneakers are highly compatible with NFT technology. The NFT market is worth billions now and second-market sales are critical. These tokens will be a key component of the Web3 machine, letting fashion trends take on a d...
Interview: Aave CEO on launch decentralised social network platform, Lens Protocol
Aave Companies has today announced the launch of an open-source tech stack for the building of social networking applications. Named the Lens Protocol, it will reside on the Polygon blockchain and allow developers to build social media apps, marketplaces, recommendation algorithms, and more. Contained within the decentralised ecosystem that we call Web3, it will leverage NFT technology to allow users to fully own their data, unlocking new ways for creators to monitise their digital content and relationships with followers. Amid all the controversy around freedom of speech and Elon Musk’s takeover of Twitter, it’s a poignant time to be launching this new kind of social media endevour, and turn the keys of censorship over to the public. To gain more of an insight, Coi...
Everyrealm and Storyverse Partner to Create Interactive Stories for NFT Communities
Los Angeles, United States, 18th May, 2022, Chainwire EveryRealm Purchases 250 PLOTs in Storyverse’s Now Sold Out Public Sale Storyverse, the first-ever interactive storytelling platform on the blockchain, today announced its partnership with Everyrealm, a leader in metaverse innovation and development, to provide the foundation for NFT communities to create fun, interactive story games within the metaverse. The Storyverse recently hosted its genesis public sale of PLOTs which sold out in seven minutes. Everyrealm, one of the most active investors in and developers of the metaverse real estate ecosystem, purchased and now manages 250 PLOTs in the Storyverse. The Storyverse provides ‘no-code’, interactive story publishing tools for NFT communities looking to collaboratively crea...
Axie Infinity’s Discord bot compromised, hackers issue fake minting message
Axie Infinity, the popular play-to-earn nonfungible token (NFT) game, faced another attack on its Discord server earlier on Wednesday, leading to a compromise of its MEE6 bot. MEE6 is a popular discord bot mainly used for automating roles and messages and is used by numerous crypto projects. The attackers used the compromised bot to add permissions to a fake Jiho account and later issued a fake announcement regarding a mint. The developers managed to remove the compromised MEE6 bot from the main server and deleted the fake messages as well. However, the official Twitter account of the project warned that many users might still see the fake message until they restart their Discord. 2/ The announcements have been deleted but some users may still see the message until they restart their Disco...
Why decentralized messaging apps will replace today’s social media platforms
The Russian government has cracked down on foreign social media platforms such as Instagram, Facebook and Twitter, banning them for extremist activists. For protestors, activists and local civilians, these actions have resulted in a significant barrier to communication with the outside world. Furthermore, they have also raised the question of just how easy of a target these apps are for state authorities. With citizens unable to access these platforms, they have little choice but to flee to the next-best still active platforms. However, it isn’t just Russian activists who have taken to alternatives. Consider, for example, Telegram, a cloud-based instant messaging service that has quickly become a place for sharing war footage and other content that may have otherwise been blocked on ...
